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Bank charges: Lloyds chairman to step down

Chairman of Lloyds Banking Group, Sir Win Bischoff, is planning to retire from the bank within a year.

Over the last four years, the bank has not performed as well as hoped.

It is currently 39 per cent owned by the taxpayer as the government had to bail it out during the financial crisis of 2008.

Additionally, in the past few years, it has had to set aside high provisions to pay for consumer claims as a result of the payment protection insurance scandal.

Nevertheless, Mr Bischoff has seen the bank return to profit during his time as chairman.

He claimed that: "Lloyds Banking Group has, over the past four years, made significant progress in its goal to become a strong, efficient, UK-focused retail and commercial bank."

An exact date has not yet been set for his departure but it has been said that he will leave before the shareholder meeting of 2014.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801584331-ADNFCR



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